LEGAL NOTICE – IMPORTANT

Mandatory offer by Volkswagen Aktiengesellschaft to the shareholders
of MAN SE

Access to the Takeover Offer

Please read this notice carefully.

You have entered the website which Volkswagen Aktiengesellschaft (“Volkswagen”) has designated for the publication of documents and information in connection with its mandatory offer for all shares in MAN SE (“MAN”) pursuant to the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) (the “Mandatory Offer”).

The Mandatory Offer published on this website is exclusively made on the basis of the terms set out in the offer document (the “Offer Document”) whose publication has been approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). The Mandatory Offer is exclusively carried out in accordance with German law and certain applicable provisions of the securities law of the United States of America (the “United States”). No registrations, approvals or authorisations have been applied for or granted in respect of this Offer Document and/or the Mandatory Offer outside the Federal Republic of Germany. As a result, MAN Shareholders should not rely upon the application of foreign laws for investor protection.

The documents and information published on this website do not constitute a solicitation of an offer to sell shares in MAN (the “MAN Shares”). With the exception of the Offer Document, the documents and information published on this website also do not constitute an offer to purchase MAN Shares.

Dissemination of the Offer Document

The publication, dispatch, distribution or dissemination of the Offer Document or any other documents related to the Mandatory Offer outside the Federal Republic of Germany, the United States and Canada may result in the applicability of the laws of jurisdictions other than those of the Federal Republic of Germany, the United States and Canada and may be subject to legal restrictions in such other jurisdictions.

The Offer Document as well as any other documents related to the Mandatory Offer, not-withstanding their publication on the internet as legally required under the laws of the Federal Republic of Germany, are not designated for publication, dispatch, distribution or dissemination in jurisdictions other than the Federal Republic of Germany, the United States and Canada. Neither the Bidder nor the persons acting jointly with the Bidder within the meaning of section 2 para. 5 of the German Securities Acquisition and Takeover Act have authorised any third person to publish, dispatch, distribute or disseminate this Offer Document as well as any other documents related to the Mandatory Offer outside the Federal Republic of Germany, the United States and Canada. Neither the Bidder nor the persons acting jointly with the Bidder are obliged to procure, or bear any liability for, the publication, dispatch, distribution or dissemination of this Offer Document as well as any other documents related to the Mandatory Offer outside the Federal Republic of Germany, the United States and Canada being in conformity with the applicable laws of the relevant jurisdictions.

Acceptance of the Mandatory Offer

The Mandatory Offer can be accepted by all domestic and foreign MAN shareholders in accordance with the terms and provisions set out in the Offer Document and the applicable legal provisions. However, Volkswagen points out that acceptance of the Mandatory Offer outside the Federal Republic of Germany, the United States or Canada may be subject to legal restrictions. MAN shareholders who come into possession of this Offer Document outside the Federal Republic of Germany, the United States and Canada, who wish to accept the Mandatory Offer outside the Federal Republic of Germany, the United States or Canada and/or who are subject to legal provisions other than the legal provisions of the Federal Republic of Germany, the United States or Canada are advised to inform themselves of the relevant applicable legal provisions and to comply with them. Volkswagen assumes no responsibility for the acceptance of the Mandatory Offer outside the Federal Republic of Germany, the United States and Canada being permissible.

Special Information for MAN shareholders whose place of residence, seat or habitual abode is in the United States

The Mandatory Offer refers to shares of a German company and is subject to the legal provisions of the Federal Republic of Germany regarding the implementation and the disclosure requirements of such an offer, which differ substantially from those which can be applicable in the United States. In the United States, the Mandatory Offer is being made in reliance on, and in compliance with, Section 14(e) and Regulation 14E of the US Securities Exchange Act of 1934 (as amended).

It may be difficult for MAN shareholders whose place of residence, seat or place of habitual abode is in the United States (“US Shareholders”) to enforce their rights and claims under US federal securities laws because Volkswagen and MAN have their registered seat outside the United States and all its officers and directors are resident outside the United States. US Shareholders may not be able to sue a company seated outside the United States, nor its officers or directors who are resident outside the United States before a court outside or in the United States for violations of US securities laws. Furthermore, it may be difficult to enforce the decisions of a US court against a company seated outside the United States.

Also in the United States, the Mandatory Offer is made solely by Volkswagen and not by any other party.

Forward-looking statements

This website contains forward-looking statements about Volkswagen Group, MAN Group and the Mandatory Offer. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Volkswagen cautions you that forward-looking statements are not guarantees of the occurrence of such events or of future performance and that in particular the actual results of operations, financial condition and liquidity, and the development of the industry in which Volkswagen Group and MAN Group operate and the outcome or impact of the proposed acquisition on Volkswagen Group and/or MAN Group may differ materially from those made in or suggested by the forward-looking statements contained on this website. Any forward-looking statements speak only as at the date of this statement being made. Except as required by applicable law, Volkswagen does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.

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